Dec 20, 2013, 07.37 PM IST
The CCI fine of Rs 1 crore, which is to be paid within 60 days from the date of order, relates to pacts entered into between the two carriers on February 26 for sale of three landing/take-off slots of Jet at London Heathrow Airport to Etihad (LHR transaction). It also includes the lease of the same slots back to Jet.
Tags Etihad, CCI, non-disclosure, information, Jet Airways
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Evaluating CCI order on penalty: Etihad
The CCI fine of Rs 1 crore, which is to be paid within 60 days from the date of order, relates to pacts entered into between the two carriers on February 26 for sale of three landing/take-off slots of Jet at London Heathrow Airport to Etihad (LHR transaction). It also includes the lease of the same slots back to Jet.
Like this story, share it with millions of investors on M3
Evaluating CCI order on penalty: Etihad
The CCI fine of Rs 1 crore, which is to be paid within 60 days from the date of order, relates to pacts entered into between the two carriers on February 26 for sale of three landing/take-off slots of Jet at London Heathrow Airport to Etihad (LHR transaction). It also includes the lease of the same slots back to Jet.
"We are evaluating the CCI's notification," Etihad said in response to a text message by PTI.
"So at present it would be inappropriate to comment further," the airline said.
The CCI fine of Rs 1 crore, which is to be paid within 60 days from the date of order, relates to pacts entered into between the two carriers on February 26 for sale of three landing/take-off slots of Jet at London Heathrow Airport to Etihad (LHR transaction). It also includes the lease of the same slots back to Jet.
The penalty would not have any impact on the approval for the deal given by CCI last month, the CCI said ion its order. The Rs 2,060 crore deal has been facing turbulence ever since it was announced in April as only yesterday the Competition Appellate Tribunal (COMPAT) issued notices to the the CCI and Jet on a plea challenging the competition watchdog's clearance.
BJP leader Subramanian Swamy has already challenged the deal in the Supreme Court, alleging corruption. The Supreme Court, during the last hearing, made it clear that it would quash the deal if there are any irregularities in it.
The competition regulator said it kept the quantum of fine low at Rs 1 crore after Jet and Etihad contended that they were unaware of the requirement for certain disclosures.
Jet Airways stock price
On December 20, 2013, Jet Airways closed at Rs 275.20, up Rs 5.60, or 2.08 percent. The 52-week high of the share was Rs 688.60 and the 52-week low was Rs 260.35.
The latest book value of the company is Rs -27.75 per share. At current value, the price-to-book value of the company was -9.92.
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